Tax Titbit

Abstract

India is a party to the multilateral convention for automatic exchange of information on 3rd June, 2015 as between G20 countries. It has also signed a reciprocal Model 1 Inter-Governmental Agreement with U.S. on 9th July, 2015 in pursuance of US sponsored Foreign Account Tax Compliance Act (FATCA) making it mandatory for the persons liable to tax in US to disclose any direct or indirect interest in any offshore accounts or assets, the non-compliance of which would attract heavy penalties. More such agreements are under contemplation.